Bitcoin Traders Prepare for Showdown in September

Bitcoin derivatives traders are holding their breath as they wait for September to unfold. According to Coinglass metrics, futures open interest stands at $54.82 billion, with Binance controlling a significant chunk of $11.24 billion.

The spot price is currently at $78,425, but options positioning tells a different story. Deribit options hold 288,409.93 BTC in calls, giving bulls 60.89% of open interest. Meanwhile, puts are winning the latest volume battle, with 54.49% of options traded.

Several max-pain levels sit below the current bitcoin price range, including $70,000 to $73,000 for September expirations. This suggests that traders want the upside but are also buying downside protection, making September anything but a victory lap.